Foundation Medicine

Based: Cambridge, MA
Stock symbol: FMI
Range: $14 to $16
IPO price: $18.00
Close Oct. 17: $34.88
Change: Up 93%
Raised: $106 million

The scoop: When Foundation Medicine went public in late September, the upsized offering helped demonstrate that this particular IPO frenzy had the legs needed to go some distance. Foundation raised $106 million after pricing its shares above the range. Foundation is gambling on the success of its FoundationOne cancer diagnostic, which launched last year. The diagnostic test is a sequencing-based assay that combs 236 cancer-related genes to match patients with ideal treatments, and while the company hasn't secured CMS reimbursement for the diagnostic, it has grabbed the attention of some headline-worthy drug developers looking to partner up. It took just two years for the company to develop a diagnostic tool that helps investigators manage the fast-changing genetic information needed in clinical research and gives physicians a better method for making some rational decisions on the drugs they choose to treat cancer victims. A lineup of cancer drug developers has signed on to work with the company on key cancer drug programs.The biotech is a 2012 Fierce 15 company.

For more:
Special report:
2012 Fierce 15 - Foundation Medicine
Foundation Medicine rallies in its first two days as a public company
Foundation Medicine hits the Street with $106M IPO
Diagnostics maker Foundation Medicine joins IPO flurry
Foundation Medicine seeks $86.3M IPO amid chase for reimbursement

Foundation Medicine

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